Can Detroit be the next 'Comeback Kid'?

Who doesn't love that quintessential story of the underdog who battles and claws his or her way out of some apparently impossible challenge. David and Goliath, Rocky Balboa, the 'Miracle on Ice' are all great underdog stories that never cease to captivate the minds of people.

Will Detroit be the next great underdog story to make the list?

We've been seeing leaders in the business sector step forward to put effort and cash into initiatives that will help the city.

Are we seeing less reliance on the public and municipal sector, and more on the private sector the future for America's struggling cities?

Author, venture capitalist and entrepreneur Josh Linkner thinks that this is the case.

Linkner is the CEO and Managing Partner of Detroit Venture Partners.

He spoke with us on Stateside to make the case for the beleaguered and embattled City of Detroit as being an underdog that can inspire all of America.

"This region has had a rich history of innovation and entrepreneurship," Linkner states. "We were once the Paris of the Midwest and one of the most vibrant cities in the U.S. While we may have suffered greatly over the past few decades, those roots are still there. This is a city with a soul.”

Linkner suggests that in order for Detroit to get back on its feet, there are some critical steps that city must be taken.

He says the emergency manager is a good step in ensuring that the city has critical services. He also suggests that we need to diversify the economy.

“One of the challenges we have had here is that it is a one industry town. You don’t need a Silicon Valley zip code to have a successful tech company. We’re working very hard to drive technology in the brain age.”

The other critical factor for Detroit he proposes is to build "a vibrant, work-play, urban core."

This step would help to attract people to the city but also keep young professionals from fleeing the state for jobs.

Linkner envisions that the city will rival major cities like New York and Chicago. He believes that Detroit's turn-around has already begun and that it will start to accelerate in the next three to five years.